Research On The Influence Mechanism Of Entrepreneur's Counterfactual Thinking And Enterprise Entrepreneurial Performance After Failure Situation

With the advent of the 5G era,the development of emerging industries such as the Internet of Things,artificial intelligence,and industrial Internet has gradually accelerated,and the “fertility” of entrepreneurship in various industries has become more extensive.Although entrepreneurial activities have a huge impact on the economy and society,the world economic and political environment is now turbulent,and the development of entrepreneurial enterprises is still facing serious problems.Among them,the "high failure rate" has become the sword of Damocles hanging in the entrepreneurial era,so there is an urgent need to theoretically explore the key elements and impact mechanisms that contribute to the improvement of entrepreneurial performance.However,the past research not only ignores the exploration of the treasure behind the failure because of the “survivor bias”,but in the only relevant research,the scholars lack the research on the pre-cognition and decision-making mechanism that affects the formation of the specific recovery content of the enterprise.Therefore,it is weak in explaining the difference between behavior and performance between subjects.Counterfactual thinking is a cognitive mechanism in which individuals deconstruct the past to understand the present and prepare for the future,and the thought process is easier to provoke in negative situations.Therefore,from the cognitive perspective,this paper explores the impact of entrepreneurial counterfactual thinking on entrepreneurial performance after failure,and introduces failure-based learning behavior and entrepreneurial resilience to deeply study the impact mechanism of counterfactual thinking on performance.Based on the social cognition theory,this study proposes an empirical model and research framework by combing and analyzing the connotation,development and research of related constructs.In the survey,questionnaires are used to collect data,SPSS and Mplus software are used to empirically analyze 230 sample data.The following conclusions are drawn:(1)entrepreneurial counterfactual thinking on entrepreneurial performance and in all dimensions,financial performance and growth performance and innovation performance have positive and significant effects;(2)counterfactual thinking has a significant positive predictive effect on failure-based learning behavior;(3)failure-based learning behavior has a positive and significant impact on entrepreneurial performance and various dimensions of financial performance,growth performance and innovation Performance t;(4)failure-based learning behavior plays an intermediary role in the process of counterfactual thinking,promoting entrepreneurial performance and its various dimensions;(5)entrepreneurial resilience in the process of counterfactual thinking to promote failure-based learning behavior there is a positive and significant regulatory effect;(6)entrepreneurial resilience regulates the intermediary role of failure-based learning behavior in the relationship between counterfactual thinking and entrepreneurial performance.This paper starts with the cognition mode of entrepreneurs,and studies the thinking process of entrepreneurs to improve entrepreneurial performance and the process of corporate behavior after the failure phenomenon.It enriches the theoretical research of entrepreneurial field under the specific scenario of failure and expands the research content of the entrepreneurial cognition school.And it has filled the research gap of counterfactual thinking on entrepreneurial performance under the scenario of entrepreneurial failure in China,and jumped out of the ordinary characteristics of entrepreneurs in existing research from its thinking characteristics,and also contributed to the entrepreneurial trait theory.In addition,this study also introduces failure-based learning behavior,and considers the impact of entrepreneurial resilience in this scenario,which also in itself enriches the study of learning behavior in failure scenarios.Finally,this paper combines the research results to provide relevant recommendations for enterprises in terms of entrepreneurship and failure management.